Revenue model II - The innovative way
It is difficult to survive on the market with just one or two magazines. However, there are a large number of publishers in Stuttgart, for example, with specialist literature for sometimes very small niches. DFV Mediengruppe, for example, specializes in the hotel, catering and bakery industries. In addition to magazines, this publishing house and its subsidiaries offer services relating to the catering and hotel industry: corporate publishing, address procurement, full service, etc. This publishing house is therefore a service provider for its target group.
3. OTHER, NEW PRODUCTS
Why should a publishing house only publish newspapers, magazines or books? Print media transmit information from one individual (author) or several (editorial team) to any number of recipients. Just like radio, TV and, of course, the Internet. In most cases, knowledge is passed on or the reader is entertained. In order to bring such content to the target group via other channels, a publisher can produce other, new products.
3.1 Reach portals instead of brand portals
Many publishers are digitized to the extent that they have a website on which they report on their print products, advertise them and possibly sell them via an integrated store . They are therefore "web business cards" with an attached kiosk. Unfortunately, these publishers are often very unknown, which is why this website is of little use to them. They lack reach. In our experience, this is not a viable revenue model. This is why publishers who have already invested more in their digital strategy are taking the route of the brand portal. Here, a brand, e.g. a magazine, is also offered digitally. We have already reported on online publishing with Drupal 8 and Thunder in another article.
Nordseezeitung brand portal nord24.de
A publishing house that distributes several journals or magazines will have several websites with several editorial offices, but far too little reach per brand portal.
The reach portal, on the other hand, bundles all brands within one website with different sections. This saves the publisher money, time and editorial costs : The editorial teams can also work together on just one platform.
A reach portal is often the basis or scaling factor for all other revenue models. One example here would be www.eurotransport.de, under which some brands offer content digitally. Another example is haustec.de, a reach portal for building and façade technology. this model is suitable if your publisher offers several brands, see the following diagram:
Diagram: Structure of a reach portal
3.2 Software
Are you a specialist publisher for logistics? How about writing software to help your customers with their work? A logistics program with which you can optimize warehousing costs, for example. This would establish you as an expert in the field.
3.3 Audio books
We are taking less and less time to read a book. Instead, we have them read to us: While driving, cooking, cleaning... You could also publish your content as an audio book, audio magazine, podcast or similar. This allows you to penetrate completely new areas of your customer's experience. And even if there are already companies that specialize in this (audible.de), the market is far from saturated, because after all, these are just sales platforms.
3.4 Interactive training materials
Unlike software that is installed, you can also offer web-based training materials. One example would be "Thieme Connect" from Stuttgart-based Thieme Verlag. Among other things, the service provides interactive content on human medicine. This opens up completely new forms of learning(Vortrag-Tablets-Muehe-Ludwig-Adam, p. 79f). Use the play instinct of your customers and offer your content interactively.
This model is particularly suitable for specialist publishers who produce teaching material in the broadest sense.
3.5 Apps
As a specialist publisher in particular, you can offer apps that can be used in your industry. For example, an app from a specialist publisher for horticulture could help with architecture and ordering materials. It is also possible to work together with partners (manufacturers).
As a trade publisher, you can benefit from the existing reach of your brand: Topic-related apps offer more space for ad placement.
3.6 Corporate publishing (especially for specialist publishers)
Is your publishing house connected to a print shop? Then you should consider taking on corporate publishing for your industry. After all, a company needs a lot of print products: Business cards, menu cards, stationery, signs, possibly even a book about the company's history. The publishing house can act as a designer and printer for companies in its sector.
4. SERVICES
In addition to haptic products, publishers can also provide services. Here, too, specialist knowledge comes into play: they know the industry, are well-known, know about the needs of companies, etc. Some publishers have already created second and third pillars as a result.
4.1 Content publishing
Let's assume that a company wants to communicate something. E.g. via the website or through a PR campaign. The company wants to be seen as an expert and now needs a communication concept. The publisher can help with this: As PR agencies, publishers can produce content that they then sell to companies.
The same applies to the above-mentioned advertising options. In principle, this task can be taken on by all publishers, as long as the industry is known.
4.2 Consulting
The publisher can expand its agency work to include consulting. Thanks to its knowledge of the industry, the publisher is aware of trends and has relevant information that an external agency would first have to obtain. Publishers that offer these services usually set up subsidiaries for this purpose.
This is more common with specialist publishers such as the dfv Mediengruppe.
4.3 Training (on publishing products) / webinars
You are probably also dealing with topics that require explanation. Or you would like to give a specialist lecture. A webinar is inexpensive and has the potential to reach many interested parties. Some webinars are free of charge, others can be accessed for a fee. The advantage for everyone involved: convenience, as the webinar can be watched at home on the couch. The advantage for your customers: No long and expensive journey including overnight stay. And your advantage: No on-site organization required. In addition, such webinars can be produced once and then reused as often as required.
This service is also interesting for your advertising customers: It allows them to make direct contact with your visitors. Another revenue model for you as a publisher.
4.4 Organizing seminars, congresses and trade fairs
If you want to be close to your customers and can and want to organize events, you should look for opportunities to invite industry customers to seminars or congresses. Some specialist publishers already organize trade fairs where you can easily address (potential) customers. All three methods allow you to appear as an industry expert and directly increase your reach.
4.5 Directory services for companies
Are you active in an industry with many companies? If these companies are less well known by name, you and your target group can benefit from a win-win situation: Create a directory for the companies in your industry in which they can list themselves free of charge. You can certainly earn money with it: Provide a premium package so that the company is displayed more often or can enter more information about itself.
Public publishers can also offer directory services, but should then ensure that they are well categorized. It is also important that the directory is constantly monitored, as some "SEO agencies" have specialized in misusing such directories as a source of backlinks.
4.6 Job search engine for the industry
Is your specialist publisher well-known in the industry? Then build a job search engine for the industry. Companies can advertise jobs here for a fee and you can earn a commission if they are successfully placed. You could even go further and set up a subsidiary that recruits employees for this sector. Once again, you will have your industry knowledge ahead of other recruiting companies.
Public publishers can also offer this service, only more broadly. Make sure you have a good categorization here too.
This article is part of the overarching topic: The future of publishing: The best revenue models for your digitization. In addition to the conservative and innovative revenue models, the next article covers alternative business models for online publishers via partnerships, newsletters, job ads, directory services and many more.
